Shiba Inu is an ERC-20 token that launched on the Ethereum blockchain in August 2020. Often dubbed the “Dogecoin Killer,” SHIB is named after a breed of hunting dogs in Japan, an interesting twist that echoes its ‘rival’ Dogecoin’s Shiba Inu dog meme inspiration. However, is Shiba Inu a good investment still in 2023? Or should investors look for other Shiba Inu alternatives?
Shiba Inu 2023: Is Shiba Inu Worth It?
While SHIB started as a meme coin, its progression suggests that it’s not just a fleeting trend. In terms of market capitalization, it has already made its mark, often featuring among the top 30 cryptocurrencies.
Although the memecoin is renowned for its volatility, some investors view SHIB as a high-risk, high-reward venture. Its low price point allows new crypto enthusiasts to hold millions, or even billions, of tokens without a hefty investment, adding to its appeal. In 2023, prices pumped and dumped following the overall market sentiment. SHIB’s YTD performance is around 0% as prices returned to their starting point from Jan 1.
SHIB Price UP: A Promising Triangle Formation
Looking at its recent market performance, it seems to be forming another triangle pattern. Triangle patterns, commonly seen in technical analysis, can sometimes be precursors to a price breakout. Should this be the case for SHIB, it could indicate exciting times ahead for SHIB holders.
This technical formation comes at the perfect timing as the crypto market consolidates. Should the overall sentiment turns bullish, SHIB should be able to make significant returns.
How to Buy Shiba Inu 2023
Acquiring SHIB tokens is a straightforward process. As an ERC-20 token, it is readily available on various exchanges that support Ethereum-based tokens. Investors must register on any of these platforms, complete the necessary identity verification procedures, and either exchange their existing cryptocurrencies for SHIB or buy it using fiat currencies, depending on the platform’s regulations.
A list of CEX where you can buy SHIB includes Binance, Coinbase, ByBit and Bitfinex.
Shiba Inu Alternatives in 2023
There are many alternatives to SHIB tokens, here is a list of other potential candidates to buy:
- Bone ShibaSwap (BONE)
- Floki (FLOKI)
- Dogelon Mars (ELON)
- Doge Killer (LEASH)
- Kishu Inu (KISHU)